When you sell equipment, we understand that’s just one small cog in the machine of your business. It’s certainly a very important one that we take very seriously when we help you sell assets, but we know there’s a lot more going on in the bigger picture of your operation, from your day-to-day responsibilities like managing employees, equipment, and ongoing projects to bidding on contracts, planning upcoming jobs and more.
Helping businesses succeed at any time is something you can count on our experts for. That’s why your trusted Ritchie Bros. advisors like Regional Sales Manager Jarret Tunnicliffe have industry knowledge that goes far beyond just buying and selling heavy equipment and trucks. Jarret, who has a degree in economics and years of experience in the financial industry, brings a wealth of business knowledge to the table that he’s keen to leverage for our customers’ benefit.
Creative business solutions tailored to your needs
Having worked for companies including HSBC and GE Capital (supporting the construction and transportation industries), Jarret’s background and unique perspective gives him and his team the ability to create plans to help customers solve business challenges in a way that’s financially advantageous for them.
One such plan the Ritchie Bros. team created involved helping a large national construction company. The company had several larger construction assets that were coming due on lease with their finance company before a project was due to be finished. The equipment was needed to complete the job but would not be needed any further upon completion of the project, and the company did not want to have to negotiate:
a) Extending their lease as the equipment was only required for a few more months
b) A month-to-month lease option as it would require a large increase in lease payment costs as interest rates had risen since the original lease was negotiated, and additional use would affect the equipment’s end-of-life residual value
c) Purchasing the equipment as it would be a large cash outlay for assets that they did not need long term
Jarret’s team proposed a solution where Ritchie Bros. would exercise the lease buyout on the construction company’s behalf and rent the equipment back to them month to month at a similar budgeted payment amount. When the company completed their project, Ritchie Bros. would then sell the equipment through its various sales channels. This solution allowed for the client to keep costs on original budget, complete the project with the required equipment, and not have to fulfill the lease-required return condition.
Retirement and estate planning
Another area where Jarret and his team are well-positioned to assist is with retirement and estate planning, particularly in the agriculture business. Ritchie Bros. has had a long history helping farmers sell their equipment and land in the lead up to retirement, and can also assist with succession planning, so farmers and other business owners can better navigate the myriad of tax and inheritance regulations and ensure their hard-earned finances are protected post-retirement.
Whether your business is big or small, trusted advisors like Jarret and his team are ready to help you with your mid to-long-term expenditure planning, assessing market conditions, accurately matching your cashflows to purchases and sales, and advising you on your overall asset disposition strategy, whether it’s part of your ongoing business or you’re transitioning into retirement.
Interested in learning more about how we can help your business? Get in touch with us today!